10brokers.com is a Forex and CFDs broker offering one type of trading account only. 10 Brokers is also associated with another broker whom you may be aware of. According to their website, the oversight company responsible for the operations of 10brokers is called KHO TEHCH Ltd. They are registered in the Saint Vincent and The Grenadines. This company is also responsible for the operations of another broker called MRT markets. Both 10Brokers and MRT Markets are not regulated and the only thing that comes close to being regulated is their membership with Financial Services Provider Commission (FSPC). We have previously mentioned that this is not a legitimate financial regulator as it does not have authority over the companies which it oversees.
We can tell you for sure that FSPC was created with the sole intention of shielding off shore and unregulated brokers who want to engage in fraudulent activities. It is therefore not legit and is by no means equivalent to a top notch financial regulator like the FCA. On top of this, Kho Tech recently lost their ”license”. So this is yet proof that the broker that is associated with Kho Tech is actually engaging in fraudulent activities which has seen their license getting suspended.
It is therefore obvious that the broker which we are discussing in this review is posing a real risk to unsuspecting traders who may not be aware of the recent suspension of their license. When judging a broker’s credibility, financial regulations is an important factor to consider. If a broker is unregulated, they can do anything with your money and you won’t have any choice. However, if a broker is regulated by a strong financial watchdog such as the FCA or even the ASIC, it means the regulators are forcing them to adhere to a lot of rules and also report a lot of activities that concern their operations.
One of the key rulings that these financial watchdogs have insisted on is that brokers must keep segregated accounts which are basically different from the accounts where the company holds its operational capital. On top of this, if one wants to register a brokerage in a country like Australia, the company must be able to hold capital of at least 1 million AUD. This is definitely a challenge for scammers and if anyone is not serious, they will not enter this industry. For that reason, we are encouraging you to only create accounts with fully registered and regulated brokers.
All the entities that are associated with this broker have a negative reputation. Many people have claimed in the popular trading forums that these entities do not allow their clients to withdraw their profits after they have deposited funds and traded them profitably. This is the worst thing that can ever happen to a trader who entrusts a broker with a big amount of money. But to avoid such misfortunes from happening to you, you need to conduct due diligence.
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While investigating the website of this broker, we realized that the minimum capital for funding a trading account was $50. Then in another area of the website, they claimed that the minimum which they were accepting was $500. It is quite obvious that this was a typo or something that was done intentionally so the broker could capitalize on its clients depending on which section of the website they got that information from. Whatever the case, $500 is a very high minimum deposit and no trader should risk that amount of money on a broker whose reputation is bad. $50 is fine but this must be invested with a regulated broker and not just any other broker.
The good thing with a small deposit is that new traders may want to test the market to see how things work. But for an experienced trader with a long term strategy, a low deposit requirement gives them a chance to fund the account gradually until they have a comfortable trading balance in their accounts.
This kind of flexibility is not offered by brokers who insist that the minimum amount of money that can be used to fund a trading account is $500.
In terms of spreads, 10brokers offers fixed spreads and a pair like EURUSD attracts 3 pips. Now, if you have ever traded before, you should know that this spread is out of the ordinary and seems like a rip off. Many brokers who are regulated don’t charge pips for this pair. Even those who offer fixed spreads account don’t charge this much. We generally prefer variable spreads because they enable us to get the best trading conditions according to the situations in the market and not according to what the broker is forcing us to pay.
10brokers offers a maximum leverage of up to 1:400 which is pretty high and just appropriate for aggressive traders but not ideal for beginners. You should remember that high leverage can ruin your account if you are not an experienced trader.
10brokers offers the popular MT4 trading platform which is good news provided this broker will not scam us. The advantages of MT4 are well know and if you have never traded the Forex market before, we advice that you should seek brokers who are offering this platform rather than those who offer customized trading platforms. MT4 is still a favorite because it is compatible with expert advisors and trading indicators of all kinds. In addition to this, the charting feature is robust and diverse, allowing traders to conduct their operations conveniently.
The only deposit method that was mentioned is mastercard and visa. Most people nowadays prefer methods like PayPal which is still not available with 10brokers. All in all, this broker is still not a very reliable trading partner for your needs.
Other than being an off shore broker, they are obviously unregulated which poses a great threat to your financial freedom. We advice all of you to use regulated brokers rather than a broker like 10brokers.
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